Sensex, Nifty Updates: Eicher Motors, Sun Pharma, Bajaj Auto, were among the top gainers.
Indian equity benchmarks closed lower on Wednesday, December 29 amid volatile trading ahead of the end of monthly derivatives trade. Sensex fell 90 points at 57,806 and Nifty 50 closed at 17,213.60 – just above 17,200 mark, down 19 points.
Large pharma companies like Cipla, Sun Pharma, Dr Reddy’s Laboratories gained in stocks, keeping the market bullish for most of today’s session. However, metal stocks were the biggest losers today – the Nifty metal index fell 1.1 per cent – offsetting the rally of pharmaceutical firms.
Nifty Pharma index was among the top gainers a day after India approved Merck’s COVID-19 pill and two more vaccines for emergency use.
Eicher Motors, Sun Pharma, Bajaj Auto, Divis Labs were among the top gainers. On the flipside, ITC, State Bank of India (SBI), Coal India, Tech Mahindra were among the top losers.
Mid- and small-cap stocks ended on a positive note as Nifty Midcap 100 index rose 0.08 per cent and Nifty Smallcap 100 index rose 0.59 per cent.
“Nifty has maintained a higher low formation but after a strong pullback rally, the index has now formed a hammer candlestick formation near the critical resistance level which indicates strong chances of short term weakness.
Shrikant Chauhan, Head Equity Research (Retail), Kotak Securities said, “For trending traders, 17200 will be the key level to watch, and above this the uptrend momentum may continue till 17300-171350 levels.
In the currency market, the rupee today broke its winning streak and closed three paise lower at 74.73 (provisional) against the US dollar, amid weak domestic equities and weak global cues.
In global markets, broader Asian stocks also fell after a mixed Wall Street session, as investors in the region positioned their portfolios for the new year.
On the stock-specific front, Baja Auto surged over two per cent today after the company announced that it would set up a Rs 300-crore electric vehicle (EV) manufacturing unit in Pune. Shares of Bajaj Auto were trading 2.94 per cent higher at an intraday high of Rs 3,270 on the BSE.
Pharmaceutical stocks such as Cipla, Dr Reddy’s Laboratories, Torrent Pharmaceuticals, Sun Pharma gained nearly two per cent on Wednesday after the Drug Controller General of India (DCGI) approved emergency use to fight against anti-viral drug – mollupiravir. Gave. global pandemic.
And multiplex stocks such as PVR and Inox Leisure fell nearly three per cent today after the Delhi government announced restrictions as part of its ‘Level 1’ or ‘yellow alert’ amid rising Omicron cases in the national capital. As part of the new guidelines, all cinema halls or multiplexes in Delhi will remain closed to prevent the spread of the highly contagious coronavirus variant.
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